Common use of EFFECT OF DISCONTINUANCE Clause in Contracts

EFFECT OF DISCONTINUANCE. As of the date this Contract is discontinued under either 11.1 or 11.2 above: (a) No further Contributions will be accepted by UNUM. (b) Participants will be allowed to request withdrawals subject to the restrictions set forth in Section 403(b) of the Code and regulations thereof. (c) Participants will be allowed to request transfers from each Sub- Account of the Variable Investment Division to the Guaranteed Interest Division. Transfers from the Guaranteed Interest Division to the Variable Investment Division are not allowed. Transfers among the Sub-Accounts of the Variable Investment Division are not allowed. (d) Participants will not be allowed to request loans. (e) UNUM will send written notice to each Participant's last known address stating that the Contract is discontinued and that the Participant's remaining Account balance may be distributed in either (i) a lump sum payment, (ii) a Payout Annuity conversion amount, or (iii) some combination of (i) and (ii). Such form of payment will be distributed at the earlier of: (1) the Participant's attainment of age fifty-nine and one-half (59 1/2), or (2) the Participant's separation from service and age fifty-five (55), or (3) the Participant has died, or (4) the Participant has incurred a disability for which he is receiving Social Security payments, or (5) the date the Participant directs UNUM to transfer the entire value of the Participant's Account to another 403(b) funding vehicle. The Participant's remaining Account balance shall be the balance remaining after (i) the repayment of any, if applicable, outstanding loans including principal, due and accrued interest, and (ii) any applicable CDSC or Annual Administration Charge that applies to the Participant's Account.

EFFECT OF DISCONTINUANCE. As of the date this Contract is discontinued under either 11.1 or 11.2 above: (a) No further Contributions will be accepted by UNUMXxxxxxx Life. (b) Participants will be allowed to request withdrawals subject to the restrictions set forth in Section 403(b) of the Code and regulations thereof. (c) Participants will be allowed to request transfers from each Sub- Account of the Variable Investment Division to the Guaranteed Interest Division. Transfers from the Guaranteed Interest Division to the Variable Investment Division are not allowed. Transfers among the Sub-Accounts of the Variable Investment Division are not allowed. (d) Participants will not be allowed to request loans. (e) UNUM Lincoln Life will send written notice to each Participant's last known address stating that the Contract is discontinued and that the Participant's remaining Account balance may be distributed in either (i) a lump sum payment, (ii) a Payout Annuity conversion amount, or (iii) some combination of (i) and (ii). Such form of payment will be distributed at the earlier of: (1) the Participant's attainment of age fifty-nine and one-half (59 1/2), or (2) the Participant's separation from service [and age fifty-five (55)], or (3) the Participant has died, or (4) the Participant has incurred a disability for which he is receiving Social Security payments, or (5) the date the Participant directs UNUM Lincoln Life to transfer the entire value of the Participant's Account to another 403(b) funding vehicle. The Participant's remaining Account balance shall be the balance remaining after (i) the repayment of any, if applicable, outstanding loans including principal, due and accrued interest, and (ii) any applicable CDSC or Annual Administration Charge that applies to the Participant's Account.

EFFECT OF DISCONTINUANCE. As of the date this Contract is discontinued under either 11.1 or 11.2 above: (a) No further Contributions will be accepted by UNUMXxxxxxx Life. (b) Participants will be allowed to request withdrawals subject to the restrictions set forth in Section 403(b) of the Code and regulations thereof. (c) Participants will be allowed to request transfers from each Sub- Account of the Variable Investment Division to the Guaranteed Interest Division. Transfers from the Guaranteed Interest Division to the Variable Investment Division are not allowed. Transfers among the Sub-Accounts of the Variable Investment Division are not allowed. (d) Participants will not be allowed to request loans. (e) UNUM Lincoln Life will send written notice to each Participant's last known address stating that the Contract is discontinued and that the Participant's remaining Account balance may be distributed in either (i) a lump sum payment, (ii) a Payout Annuity conversion amount, or (iii) some combination of (i) and (ii). Such form of payment will be distributed at the earlier of: (1) the Participant's attainment of age fifty-nine and one-half (59 1/2), or (2) the Participant's separation from service and age fifty-five (55)service, or (3) the Participant has died, or (4) the Participant has incurred a disability for which he is receiving Social Security payments, or (5) the date the Participant directs UNUM Lincoln Life to transfer the entire value of the Participant's Account to another 403(b) funding vehicle. The Participant's remaining Account balance shall be the balance remaining after (i) the repayment of any, if applicable, outstanding loans including principal, due and accrued interest, and (ii) any applicable CDSC or Annual Administration Charge that applies to the Participant's Account.

EFFECT OF DISCONTINUANCE. As of the date this Contract is discontinued under either 11.1 or 11.2 above: (a) No further Contributions will be accepted by UNUM. (b) Participants will be allowed to request withdrawals subject to the restrictions set forth in Section 403(b) of the Code and regulations thereof. (c) Participants will be allowed to request transfers from each Sub- Account of the Variable Investment Division to the Guaranteed Interest Division. Transfers from the Guaranteed Interest Division to the Variable Investment Division are not allowed. Transfers among the Sub-Accounts of the Variable Investment Division are not allowed. (d) Participants will not be allowed to request loans. (e) UNUM will send written notice to each Participant's last known address stating that the Contract is discontinued and that the Participant's remaining Account balance may be distributed in either a payout annuity conversion amount or subject to the five (i5) a lump sum payment, (iiconsecutive year payout schedule in accordance with Section 7.6(b) a Payout Annuity conversion amount, or (iii) some combination of (i) and (ii). Such form of payment will be with any remaining Account balance being distributed at the earlier of: (1) the Participant's attainment of age fifty-nine and one-half (59 1/2), or (2) the Participant's separation from service and age fifty-five (55)service, or (3) the Participant has died, or (4) the The Participant has incurred a disability for which he is receiving Social Security payments, or (5) the date the Participant directs UNUM to transfer the entire value of the Participant's Account to another 403(b) funding vehiclePayments. The Participant's remaining Account balance Balance shall be the balance remaining after (i) the repayment of any, if applicable, outstanding loans including principal, due and accrued interest, and (ii) any applicable CDSC or Annual Administration Charge that applies to the Participant's Account.